Workplace collaboration platform Slack has closed its long-rumored new round of fundraising, a $250 million round led by SoftBank’s Vision Fund as it seeks to beat back a growing list of competitors with deep pockets.

According to Bloomberg, Slack said it is still sitting on most of the $591 million it had previously raised. The latest round will give the company “operational flexibility.”

San Francisco-based Slack has been one of Silicon Valley’s hottest startups in recent years. But that success has drawn in numerous competitors, including Microsoft which launched Teams earlier this year; Atlassian Corp. has its HipChat service workplace collaboration; Google, which launched Hangouts Chat earlier this year; and Facebook, which is still pushing its Workplace service.

So, $250 million only looks like a lot of money until you look at the balance sheets of those competitors.

Still, according to Bloomberg, Slack has passed 9 million weekly active users and 6 million daily active users. In addition it has 2 million paid customers, 50,000 paid teams, and its revenues are $200 million. As the company continues its international expansion, it’s also counting on a growing number of developers who write for its platform to help it maintain its edge.

Shared From Venturebeat